The big increases have occurred despite an 11 per cent fall in the S&P/ASX 200 in the same period.

All Australian citizens aged 40 and under are eligible for inclusion providing they have not inherited their wealth. The cut-off rose to $20 million from $19 million last year.

Nathan Tinkler, 35, who topped the list last year, remains our richest young person. He increased his wealth by $10 million a week to $1.13 billion from $610 million last year, mainly thanks to the strong performance by his listed coal venture Aston Resources. He is the first person to be worth more than $1 billion in the list’s nine-year history. In May, he was named one of Australia’s 31 billionaires on the BRW Rich 200. His fortune was $1.01 billion at the time.

London-based hedge fund manager Greg Coffey is second on the list with $743 million (up from $406 million last year).

Third is another overseas-based Australian, Steven Kalmin, the chief financial officer of commodities trading firm Glencore. Mr Kalmin joins the list with $458 million as a result of Glencore’s public offering in May.

Mike Cannon-Brookes and Scott Farquhar, who established software company Atlassian, are fourth and fifth with a combined fortune of $360 million.

They are two of 26 technology entrepreneurs on the list this year, up from 19 last year. The next best represented sectors are retail, with 14, and financial services, with 12. Just five mining entrepreneurs make the list. The capital-intensive nature of the mining industry makes it difficult for young people to build vast fortunes despite the commodities boom.

Although few of the young rich own mines, several own businesses in industries that service mining companies. They include mining engineer Ashley Fraser who, aside from Mr Kalmin, is the richest debutant. His $117 million fortune comes from his stake in earth-moving business Orionstone.

Mr Fraser and Mr Kalmin are two of 20 new names on the list.

The fashion entrepreneurs behind sass & bide, Sarah-Jane Clarke and Heidi Middleton, rejoin the list with combined wealth of $26 million. Their wealth rose when Myer spent $42 million on a 65 per stake in their business in February.

Hilton Nathanson, who was third last year, is the richest of 22 people to fall off the list.

He was valued at $400 million on the BRW Rich 200 in May but is now 41.